OHB Completes 24-Satellite Eaglet-II Fleet as Deutsche Bank Sets 300 Euro Target

OHB rounded out its Earth-observation work with two orbital deployments in 24 hours, as shares fell 4.0% to EUR 161.20 without a company-specific catalyst.

A pair of orbital deployments within 24 hours has rounded out OHB SE's Earth-observation footprint, even as the Bremen-based group's shares slipped 4.0% to EUR 161.20 in today's session without any fresh company-specific catalyst.

The stock's pullback sits against a far stronger longer-term run. OHB has climbed roughly 38% since the start of the year, a gain that has drawn renewed attention from institutional investors and index providers alike.

Eaglet-II Reaches Full Strength

The headline operational achievement came from OHB Italia, which finalized the Eaglet-II constellation for Italy's IRIDE Earth-observation program. Eight satellites launched on October 1, lifting the network to 24 units. OHB Italia handled development, testing and integration of the constellation and continues to run its day-to-day operations.

A day later, on October 2, the small satellite ATHENE-1 rode the Transporter-18 mission into low Earth orbit as planned. Built by Luxembourg subsidiary LuxSpace together with the University of the Bundeswehr Munich, the platform serves as a technology demonstrator supporting 22 scientific experiments spanning communications and data processing. For OHB, the clean insertion reinforces the reliability of its compact satellite systems — a segment whose strategic weight in scientific missions keeps growing.

Leadership Change at Rocket Factory Augsburg

Alongside the launch activity, OHB reshuffled the top of its launch-vehicle division. Alexander Dahm took over as CEO of Rocket Factory Augsburg, succeeding Prof. Dr. Indulis Kalnins, and now carries responsibility for steering development and the maiden flight of the RFA ONE small rocket. The handover is a deliberate move to set the course for the group's future launch business, with the first flight of its own carrier system sitting at the heart of its growth strategy.

TecDAX Seat and Confirmed Guidance

September brought a higher public profile. STOXX added OHB SE to the TecDAX, where the space group replaced IT services provider CANCOM. Management used the occasion to reaffirm its targets for the current fiscal year: consolidated total output of around EUR 1,400 million and an adjusted EBITDA margin of 10.5% to 11.0%. Hard evidence on whether those goals are being met will arrive on November 12, 2026, when OHB presents results for the first nine months.

Deutsche Bank Lifts Its Target

Analysts remain constructive on the medium-term outlook despite the recent price weakness. On September 25, Deutsche Bank Research raised its price target on OHB from EUR 275 to EUR 300 while keeping a "Buy" rating. According to a dpa-AFX report, the analysts cited underestimated growth momentum and substantial medium-term order potential as the reasons for the upgrade.

The group's operating business leans on several European government programs, and the successful launches bolster its standing in the institutional space sector. Beyond that core, OHB is probing new ground in the security domain, with both partners in a prospective tie-up examining cooperation on space-based defense capabilities.